A young Hogan Lovells associate was among the victims of Friday’s (13 November) terrorist attack in Paris, which has so far claimed 129 lives.
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Guest post: Partnership structures – separating the geese from the chickens
Partnership structure is under fire from a sea of self-proclaimed professional service firm management experts. Some, like Mark Brandon, bring a well-measured view. Others are more apocalyptic.
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Taking the firm to the client – Simmons’ head argues that traditional rainmakers are gone
When I qualified (was it really 30 years ago?) I had this impression about how law firms worked. The partnership was made up of different people. There were the technical geniuses – the lawyers who were the equivalent of the rocket scientists at the investment banks. There were the managers who made things work, like meeting the deadlines. Then there were the rainmakers.
Further KWM partner exits earmarked as firm completes Europe and Middle East review
King & Wood Mallesons has wrapped up a review of its 170-strong partnership across Europe and the Middle East with plans to remove underperforming partners.
A&O ushers in bonus pool for ‘exceptional partners’ as City giants edge from lockstep
With the Magic Circle facing increasing pressure from US firms’ ability to pay top dollar for star talent, Allen & Overy (A&O) has introduced a performance-related bonus pool, separate to its lockstep, both to help retain and bring in leading talent.
Right to vote: Eversheds reforms fixed-share partner scheme to include voting and greater profit share
In the wake of HMRC’s tax changes which have seen fixed-share partners (FSP) contribute capital at a slew of LB100 firms and many reassess their partnership model, Eversheds has reformed its fixed share scheme by allowing some FSPs to vote in firm elections and take home an increased profit share.
Partners at top firms to pay £42k more under Labour tax plans
Associates are set to gain whoever wins
Law firm partners at major City firms are facing the prospect of a substantive hike in tax if the Labour Party forms a government in this month’s general election with current manifesto pledges expected to see many partners at Legal Business 100 firms with a five-figure increase in their annual tax bill.
Under Labour’s policy, the 45p rate of income tax will be raised to 50p for people earning over £150,000. According to numbers produced by Baker Tilly, this means that a partner earning £1m will pay £500,590 in income tax and national insurance – £42,060 more than the 2015/16 tax rate that currently stands at £458,530.
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An opportunity to ‘get involved’: Shoosmiths to move to an all-equity partnership
National law firm Shoosmiths will move to an all-equity partnership from 1 May 2015 with 76 salaried partners becoming fixed-share – and bringing the total number of equity partners to 126.
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‘We are deeply saddened’: Dechert disputes star Antony Dutton dies
Antony Dutton, a leading disputes partner who had been at Dechert since January 2012, died suddenly in early January.
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Leadership and innovation – The partnership dilemma
Demanding clients, advancing tech and a tough economy have ushered in intense pressure for law firms to change. Can law firm leaders press their institutions to adapt or does the partnership model fundamentally block innovation?
Steve Jobs, the late co-founder, chairman and chief executive of Apple, once remarked that ‘innovation distinguishes between a leader and a follower’. This is a sentiment that could easily be applied to the modern legal market, where clients have been increasingly vocal in demanding a more imaginative approach to legal services and the most progressive law firms are trying to find new ways to stay ahead of the competition. Although we are unlikely ever to see the equivalent of the iPhone, there is plenty of room for a visionary law firm leader.
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